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Westfield Capital Management Review

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Westfield Capital Management, L.P.

Westfield Capital Management, L.P.

With almost $11.9 billion in assets under management (AUM), Westfield Capital Management primarily serves institutional clients and very wealthy individuals. The Boston fee-only firm employs 60 people, including 18 advisors.

Westfield Capital Management Background

Westfield Capital was founded in 1989. In 2009, employees, through WMS Management, bought the firm from Boston Private Financial Holdings, Inc., for approximately $30 million, ensuring that key personnel - and their clients - would stay put. Today, it is helmed by Will Muggia, who has been working at Westfield since 1994. He serves as president, CEO and chief investment officer - and is the the principal investor of WMS Management, which is the sole managing member of WMS General Partner LLC, the general partner for Westfield.

What Types of Clients Does Westfield Capital Management Accept?

Westfield Capital works with high-net-worth individuals, corporate pension and profit-sharing plans, Taft-Hartley plans, foundations, endowments, wrap fee and model delivery programs, municipalities, registered mutual funds, pooled investment vehicles, private investment funds, trust programs, sovereign funds, foreign funds such as UCITs and SICAVs, limited partnerships and other U.S. and non-U.S. institutions. 

Westfield Capital Management Minimum Account Sizes

The firm’s minimums depend on the investment product, but generally range from $500,000 to $10 million. That said, the firm may negotiate terms at its discretion. 

Services Offered by Westfield Capital Management

Westfield Capital offers investment management services to separate accounts, pooled investment vehicles, wrap fee programs as a sub-advisor and Unified Managed Account (UMA) programs sponsored by unaffiliated third parties. It generally works on a discretionary basis, where clients authorize it to make trades without prior approval, but also provides services on a non-discretionary basis.

Westfield Capital Management Investing Philosophy

While some client accounts are managed by an individual portfolio manager, the firm’s investment strategies (or products) are managed by committee.

These products primarily invest in publicly traded, exchange-listed domestic equity securities. They include:

  • Large Cap Growth Equity Strategy
  • Small Cap Growth Equity Strategy
  • Small/Mid Cap Growth Equity Strategy
  • Mid Cap Growth Equity Strategy
  • All Cap Growth Equity Strategy 
  • Dividend Growth Equity Strategy
  • Global Dividend Growth Equity Strategy
  • Sustainable Growth Equity Strategy
  • Micro-Cap Strategy
  • Select Growth Equity Strategy

Here are the firm’s general guidelines for positions, sectors/industries, cash and equivalents and foreign investments:

Position Limits 

  • Typically, initial equity positions are 0.50% to 2% of a portfolio, depending on the market capitalization of the product. No position will exceed the greater of either 5% of the portfolio or 2% more than the security’s benchmark weight, both valued at market. (These limits do not apply to Dividend Growth Equity, Select Growth Equity, Global Dividend Growth Equity or Micro Cap.) 
  • Initially, equity positions in Dividend Growth Equity are typically 1.5% to 3%. They will usually not exceed 5% of the portfolio, unless their weighting in the benchmark does so.   
  • Positions in Select Growth Equity will not exceed 10% of the portfolio. 
  • Initially, positions in Global Dividend Growth Equity are typically 1.5% to 4%. They will usually not exceed 5% of the portfolio. 
  • Micro Cap has no limit.

Sector/Industry Limits 

  • Generally, sectors are limited to 20% of the portfolio or 2.5 times the benchmark weight, whichever is greater. (Select Growth Equity, Global Dividend Growth Equity and Micro Cap have no limits.) 
  • Dividend Growth Equity will generally limit industries to 25% of the portfolio. 

Cash and Equivalents 

  • Generally, cash will not exceed 10% of portfolios, since they are to be fully invested at all times. (Select Growth Equity, Dividend Growth Equity, Global Dividend Growth Equity and Micro Cap have no limits.) 

Foreign Investments 

  • Exposure to foreign markets is limited to 15% of the portfolio. (Select Growth Equity, Micro Cap, and Global Dividend Growth Equity have no limits) 
  • Dividend Growth Equity may hold up to 35%. 

Fees Under Westfield Capital Management

Like most firms, Westfield Capital collects management fees based on a percentage of the client’s assets under management (AUM). Though fees are subject to negotiation, they generally follow these tiered fee schedules per investment strategy:

Strategy AUM Annual Fee 
Large Cap Growth Equity First $25 million 0.65%
  Next $25 million 0.60%
  Next $25 million 0.55%
  More than $75 million 0.50%

 

Strategy AUM Annual Fee 
Small Cap Growth Equity First $25 million 1.00%
  Next $50 million 0.75%
  More than $75 million 0.60%

 

Strategy AUM Annual Fee
Small/Mid Cap Growth Equity  First $25 million 1.00%
  Next $50 million 0.70%
  More than $75 million 0.60%

 

Strategy AUM Annual Fee
Mid Cap Growth Equity  First $25 million 0.80%
  Next $50 million 0.70%
  More than $75 million 0.60%

 

Strategy AUM Annual Fee
All Cap Growth Equity First $25 million 0.75%
  Next $75 million 0.65%
  More than $100 million 0.50%

 

Strategy AUM Annual Fee
Dividend Growth Equity  Total balance 0.75%

 

Strategy AUM Annual Fee
Global Dividend Growth Equity Total balance 0.75%

 

Strategy AUM Annual Fee
Select Growth Equity Total balance 0.75%

 

Strategy AUM Annual Fee
Sustainable Growth Equity   Total balance  0.75%

 

Strategy AUM Annual Fee
Micro-Cap Total balance  1.00% plus 20% of aggregate net profits  


Westfield Capital Management Awards and Recognition

In 2017, Institutional Investor named Westfield Capital an Emerging Hedge Fund Manager of the Year finalist. 

What to Watch Out For

Westfield Capital works with very wealthy individuals. Also, the firm does not offer financial planning. So if you’re a small investor or you’re seeking general financial advice, this firm will likely not be a good fit. 

Disclosures

Westfield Capital had no legal or disciplinary actions in the past 10 years to disclose in its most recent SEC filings.

Opening an Account With Westfield Capital Management

To contact Westfield Capital, call 617-428-7100. Alternately, email Partner Justin Moscardelli if you live in the East at jmoscardelli@wcmgmt.com or VP Michael Kinney if you live in the West at mkinney@wcmgmt.com.

Where Is Westfield Capital Management Located?

The firm is located at One Financial Center, 23rd Floor, Boston, Massachusetts 02111.

All information was accurate as of the writing of this article. 

Tips for Finding a Financial Advisor 

  • Don’t have millions to invest? Use SmartAsset’s financial advisor matching tool. Simply answer questions about your financial situation and preferences, and the program will match you with up to three suitable advisors in your area.
  • Ask how advisor candidates get paid. Those whose only compensation is the fees they collect from you will likely have fewer conflicts of interests than those who also receive commissions. That said, if any advisors say they are fiduciaries, that means they will work in your best interests.

How Many Years $1 Million Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about the cost of living in retirement for that location.

Least
Most
Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology To determine how long a $1 million nest egg would cover retirement costs in cities across America, we analyzed data on average expenditures for seniors, cost of living and investment returns.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors. We then applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city. Using this data, SmartAsset calculated the average cost of living for retirees in the largest U.S. cities.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%. This reflects the typical return on a conservative investment portfolio. Then, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would cover retirement expenses in each of the cities in our study. Cities where $1 million lasted the longest ranked the highest in the study.

Sources: Bureau of Labor Statistics (BLS), Council for Community and Economic Research